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📊 Last 7 days — analysed filings by sentiment
Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
83 announcements match the current filters (relevance ≥ 5).
Sammaan Capital Raises ₹750 Crore via NCD Allotment at 9.75% Coupon Rate
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted 75,000 secured, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis. The total fundraise amounts to ₹750 crore with a face value of ₹1,00,000 per debenture. These NCDs carry a fixed coupon rate of 9.75% per annum, payable annually. The maturity date for this issuance is set for April 3, 2027, representing a short-term tenor of approximately 369 days.
Key Highlights
Allotted 75,000 secured NCDs aggregating to a total value of ₹750 crore
Fixed coupon rate of 9.75% p.a. with a maturity date of April 3, 2027
The issuance is secured by a first pari-passu charge on company assets with 1.0x cover
Private placement re-issuance with a specific tenor of 369 days from the allotment date
👀 What to Watch
Investors should monitor the company's cost of borrowing, as 9.75% reflects the current market risk premium for the entity. The successful fundraise indicates maintained liquidity and access to credit markets.
Moody's Upgrades Sammaan Capital Rating to B1; Outlook Positive on IHC Investment
Moody's has upgraded Sammaan Capital's long-term corporate family rating from B2 to B1 with a positive outlook. This upgrade follows SEBI's final approval for a preferential issue of equity shares and warrants to Avenir Investment (International Holding Company PJSC). The rating agency cited improvements in asset quality, expected capital enhancement, and better funding access as key drivers. With IHC set to become the promoter, the company expects further rating improvements and strengthened liquidity to support future growth.
Key Highlights
Long-term corporate family rating upgraded from B2 to B1 by Moody's
Senior secured medium-term note (MTN) program ratings upgraded to (P)B1 from (P)B2
SEBI granted final approval for preferential issue to Avenir Investment RSC Ltd (IHC)
Rating outlook remains 'Positive', indicating potential for further upgrades post-transaction
Upgrade reflects improved asset quality and expected capital infusion from the new promoter
👀 What to Watch
This upgrade is a significant de-risking event that should lower borrowing costs and improve market confidence. Investors should monitor the final closure of the IHC transaction as it marks a major shift in the company's ownership and capital structure.
Sammaan Capital Gets Final SEBI Nod for INR 8,850 Cr Stake Sale to IHC-backed Avenir
Sammaan Capital (formerly Indiabulls Housing Finance) has received all final regulatory approvals, including SEBI's clearance, for a controlling stake acquisition by Avenir Investment RSC Ltd, owned by Abu Dhabi's International Holding Company (IHC). The transaction involves a massive capital infusion of approximately INR 8,850 crores through a preferential issue of equity shares and warrants. Upon completion, the investor will hold a 41.2% stake, which could increase to 63.3% following a mandatory open offer. This marks a significant milestone in the company's transition to a new promoter group with strong global backing.
Key Highlights
Total investment of approximately INR 8,850 crores via preferential issue of shares and warrants
Investor Avenir (IHC) to hold 41.2% stake post-issue, potentially rising to 63.3% after open offer
Final SEBI approvals received for change in control of Asset Management and AIF subsidiaries
All regulatory hurdles cleared including RBI, CCI, Stock Exchanges, and lender approvals
Transaction to be concluded at the earliest following the share subscription agreement dated Oct 2, 2025
👀 What to Watch
The entry of a strong global sovereign-backed investor like IHC is a major positive for the company's credit profile and growth capital. Investors should watch for the open offer pricing and the company's revised growth strategy under the new controlling entity.
Sammaan Capital Gets RBI Nod for ₹8,850 Cr Stake Sale to IHC-backed Avenir
Sammaan Capital (formerly Indiabulls Housing Finance) has received RBI approval for a controlling stake acquisition by Avenir Investment RSC Ltd, an entity owned by Abu Dhabi's International Holding Company (IHC). The investor will infuse approximately ₹8,850 crore through a preferential issue, resulting in a 41.23% stake post-conversion of warrants. If the subsequent Open Offer is fully subscribed, the investor's stake will rise to 63.36%. The RBI has also waived the mandatory public notice period, leaving SEBI approval as the final regulatory hurdle.
Key Highlights
RBI approves acquisition of controlling stake by IHC-controlled Avenir Investment RSC Ltd.
Total investment amount via preferential issue is approximately ₹8,849.99 crore.
Investor to hold 41.23% stake post-issue, potentially rising to 63.36% after the Open Offer.
RBI granted a waiver for the public notice period, accelerating the transaction timeline.
SEBI approval is the only remaining regulatory requirement for the transaction's consummation.
👀 What to Watch
This is a transformational event for the company, bringing in a strong global promoter and significant capital. Investors should stay invested and monitor the SEBI approval timeline and Open Offer details.
Sammaan Capital Disburses ₹25.59 Crore for Timely NCD Principal and Interest Payments
Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has certified the timely payment of scheduled principal and interest for multiple series of Secured Redeemable Non-convertible Debentures (NCDs). The company processed these payments on March 20, 2026, ahead of the scheduled due date of March 23, 2026. The total payout includes approximately ₹4.70 crore in interest and ₹20.89 crore in principal redemptions across seven different ISINs. This routine disclosure confirms the company's adherence to its debt servicing obligations and maintains its credit standing with debenture holders.
Key Highlights
Total interest payment of ₹469.73 lakhs successfully disbursed across 7 ISINs.
Total principal redemption (full and partial) amounting to ₹2,089.03 lakhs completed.
Payments were made on March 20, 2026, ahead of the scheduled due date of March 23, 2026.
Full redemption completed for three specific ISINs: INE148I07OB8, INE148I07NZ9, and INE148I07NY2.
Partial principal payments made for four other ISINs as per the scheduled face value redemption.
👀 What to Watch
Investors should take confidence in the company's consistent ability to meet debt obligations ahead of schedule, which reflects healthy liquidity management. No immediate action is required as this is a routine regulatory compliance filing.
Sammaan Capital Appoints Arijit Nandy as VP - Head of Fraud Control Unit
Sammaan Capital Limited has appointed Mr. Arijit Nandy as Vice President and Head of the Fraud Control Unit (FCU), effective March 16, 2026. Mr. Nandy brings over 25 years of specialized experience in fraud prevention and risk management from institutions like HSBC and AU Small Finance Bank. This appointment is part of the company's efforts to strengthen its risk management framework and digital payment security. As a Senior Management Personnel, his role is vital for maintaining operational integrity and mitigating financial risks.
Key Highlights
Appointment of Mr. Arijit Nandy as VP - Head of Fraud Control Unit effective March 16, 2026
Candidate brings over 25 years of experience in banking and financial services risk management
Previous leadership roles held at AU Small Finance Bank, HSBC Bank, IDBI Bank, and Axis Bank
Expertise includes fraud risk frameworks, digital payment security, and anti-fraud policy development
👀 What to Watch
Investors should view this as a positive step toward enhancing corporate governance and operational security. Monitor if these risk management improvements lead to better asset quality and reduced credit costs over time.
Sammaan Capital Raises ₹280 Crore via Private Placement of Secured NCDs
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Secured Non-Convertible Debentures (NCDs) totaling ₹280 crore on a private placement basis. The fundraise is divided into two series: a ₹125 crore re-issuance with an 8.8570% quarterly coupon and a ₹155 crore fresh issue with a 9.20% annual coupon. These instruments have tenors of approximately 5 and 10 years respectively, maturing in 2030 and 2036. The debt is secured by a 1.1x asset cover on the company's receivables and other assets.
Key Highlights
Total fundraise of ₹280 crore through private placement of secured, rated, and listed NCDs.
Series I (₹125 Cr) carries a coupon of 8.8570% p.a. with quarterly payments and matures in Dec 2030.
Series II (₹155 Cr) carries a coupon of 9.20% p.a. with annual payments and a 10-year tenor maturing in Mar 2036.
The NCDs are secured by a first pari-passu charge on assets with a minimum security cover of 1.1 times.
👀 What to Watch
The successful placement of long-term debt at these rates indicates healthy market confidence in the company's credit profile post-rebranding. Investors should monitor how this capital is deployed to grow the loan book and manage the overall cost of funds.
Sammaan Capital Allots NCDs Worth ₹280 Crore via Private Placement
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Non-Convertible Debentures (NCDs) totaling ₹280 crore. The fundraise is split into two series: ₹125 crore with an 8.8570% quarterly coupon maturing in 2030, and ₹155 crore with a 9.20% annual coupon maturing in 2036. These NCDs are secured by a 1.1x asset cover on the company's loan and financial assets. This issuance helps the company secure long-term capital to support its lending operations.
Key Highlights
Total fundraise of ₹280 crore through secured, rated, and listed NCDs on a private placement basis.
Series I: ₹125 crore allotted at 8.8570% p.a. with a maturity date of December 9, 2030.
Series II: ₹155 crore allotted at 9.20% p.a. with a 10-year tenor maturing on March 5, 2036.
Secured by a first pari-passu charge on financial and loan assets with a minimum 1.1x security cover.
The NCDs will be listed on both the National Stock Exchange (NSE) and BSE Limited.
👀 What to Watch
Investors should note the company's ability to raise long-term debt at competitive rates, which is a positive sign for its liquidity profile. Monitor the company's asset-liability management as it continues its transition under the new Sammaan Capital brand.
Sammaan Capital Raises ₹70 Crore via 9.05% Secured NCDs
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has allotted 7,000 secured, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis. The issue raised ₹70 crore with a face value of ₹1,00,000 per debenture. These NCDs carry a fixed coupon rate of 9.05% per annum, payable semi-annually, and are scheduled to mature on January 16, 2036. The debt is secured by a first pari-passu charge on the company's assets with a 1.1x security cover.
Key Highlights
Allotment of 7,000 NCDs aggregating to ₹70 crore on a private placement basis
Fixed coupon rate of 9.05% p.a. with semi-annual interest payment schedule
Long-term maturity set for January 16, 2036, with a remaining tenor of approximately 9.89 years
Secured by a first pari-passu charge on financial and loan assets with a 1.1x asset cover
NCDs to be listed on both National Stock Exchange (NSE) and BSE Limited
👀 What to Watch
Investors should note the 9.05% borrowing cost as a benchmark for the company's credit profile under its new brand. Monitor the company's ability to maintain the 1.1x security cover and its overall leverage as it continues long-term fund-raising.
Sammaan Capital Q3 FY26 PAT at ₹314 Cr; Announces Merger of Sammaan Finserve
Sammaan Capital (formerly Indiabulls Housing Finance) reported a stable Q3 FY26 with a PAT of ₹314 crore and a net worth of ₹22,423 crore. The company is merging its subsidiary, Sammaan Finserve, into the parent entity to streamline mortgage-backed lending and distribution under the IHC promoter regime. Management highlighted significant progress in legacy loan book recovery with ₹5,000 crore in net collections this year. Asset quality remains healthy with Gross NPA at 1.2% and Net NPA at 0.7%, while the company awaits final RBI and SEBI approvals for its preferential allotment to IHC.
Key Highlights
Q3 FY26 Profit After Tax (PAT) increased to ₹314 crore from ₹302 crore YoY.
Gross NPA and Net NPA remained stable at 1.2% and 0.7% respectively.
Net worth grew by approximately ₹2,000 crore YoY to reach ₹22,423 crore.
Legacy wholesale loan book saw net collections of ₹5,000 crore during the current fiscal year.
Total Assets Under Management (AUM) stands at ₹44,000 crore with a shift toward an asset-light model.
👀 What to Watch
Investors should closely track the final regulatory approvals from RBI and SEBI regarding the IHC investment, which is a key catalyst for the stock. The steady improvement in asset quality and legacy book liquidation suggests a strengthening balance sheet.
Sammaan Capital Q3 FY26 Net Profit Rises to ₹314 Cr; 9M Profit Turnaround at ₹957 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a consolidated net profit of ₹314.08 crore for Q3 FY26, up from ₹302.44 crore in the previous year. The company achieved a significant turnaround in the nine-month period, posting a profit of ₹956.86 crore compared to a loss of ₹2,131.51 crore in 9M FY25. Total income for the quarter stood at ₹2,157.87 crore, supported by interest income and fair value gains. The company also confirmed zero deviation in the utilization of funds raised through equity and NCDs.
Key Highlights
Consolidated Net Profit for Q3 FY26 increased to ₹314.08 crore from ₹302.44 crore YoY.
9M FY26 Net Profit reached ₹956.86 crore, reversing a massive loss of ₹2,131.51 crore in 9M FY25.
Total Revenue from operations for the quarter stood at ₹2,157.54 crore.
Board confirmed no deviation in the utilization of proceeds from equity shares and NCDs for the quarter ended Dec 31, 2025.
The company is progressing with a scheme of demerger to integrate the NBFC business of Sammaan Finserve Limited.
👀 What to Watch
The significant turnaround in nine-month profitability and stable quarterly growth indicate improving operational health post-rebranding. Investors should monitor the execution of the NBFC business demerger and the company's ability to sustain interest margins.
Sammaan Capital Q3 PAT Rises to ₹314 Cr; 9M Profit Rebounds to ₹957 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3 FY26 with a Profit After Tax (PAT) of ₹314.08 crore, compared to ₹302.44 crore in the same period last year. The nine-month (9M) performance shows a massive turnaround, posting a profit of ₹956.86 crore against a loss of ₹2,131.51 crore in the previous year, largely due to a sharp reduction in impairment costs. Total income for the quarter stood at ₹2,157.87 crore, while the company also announced a board-approved demerger of its subsidiary Sammaan Finserve's NBFC business into the parent entity.
Key Highlights
Q3 FY26 PAT increased to ₹314.08 crore from ₹302.44 crore in the year-ago quarter.
9M FY26 PAT turned positive at ₹956.86 crore versus a loss of ₹2,131.51 crore in 9M FY25.
Impairment on financial instruments for 9M FY26 dropped significantly to ₹669.86 crore from ₹4,779.64 crore YoY.
Total income for the quarter rose to ₹2,157.87 crore, up from ₹2,019.14 crore YoY.
Board approved the demerger of the NBFC business of Sammaan Finserve Limited into Sammaan Capital Limited.
👀 What to Watch
The significant reduction in credit costs and the return to nine-month profitability are strong indicators of a successful turnaround. Investors should monitor the execution of the internal demerger and the continued stabilization of the loan book.
Sammaan Capital Q3 PAT Rises to ₹314 Cr; Board Approves NBFC Business Demerger
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3 FY26 with a Net Profit of ₹314.08 crore, up from ₹302.44 crore in the same quarter last year. Total income grew to ₹2,157.87 crore, supported by a significant increase in net gains on fair value changes. Most notably, the company has achieved a massive turnaround in its nine-month performance, posting a profit of ₹956.86 crore compared to a loss of ₹2,131.51 crore in the previous year's period. The board also approved a scheme to demerge the NBFC business of its subsidiary, Sammaan Finserve, into the parent company to streamline operations.
Key Highlights
Consolidated Net Profit for Q3 FY26 stood at ₹314.08 crore, representing a 3.8% YoY growth.
Total Income for the quarter increased to ₹2,157.87 crore from ₹2,019.14 crore in Q3 FY25.
Nine-month (9M FY26) PAT recovered to ₹956.86 crore against a loss of ₹2,131.51 crore in 9M FY25.
Impairment on financial instruments saw a net write-back of ₹25.15 crore in Q3 FY26 compared to a charge of ₹6.77 crore in Q3 FY25.
Board approved the demerger of the NBFC business from subsidiary Sammaan Finserve Limited into the parent entity.
👀 What to Watch
The company's return to profitability on a nine-month basis and the streamlining of its corporate structure are positive signals. Investors should monitor the execution of the demerger and the stability of interest margins in the coming quarters.
Sammaan Capital Q3FY26 PAT Rises to ₹314 Cr; Growth AUM Surges 26% to ₹44,038 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3FY26 with PAT increasing to ₹314 crore compared to ₹302 crore YoY. The company's strategic shift is evident as Growth AUM rose 26% YoY to ₹44,038 crore, while legacy loans were reduced to ₹20,162 crore. Asset quality remains stable with a Gross NPA of 1.2% and a healthy Net Interest Margin (NIM) of 5.3%. The ongoing merger of its NBFC business and pending RBI approval for a preferential issue are key catalysts for future capital structure optimization.
Key Highlights
Growth AUM increased by 26% YoY to ₹44,038 crore, reflecting successful transition to the new business model
Legacy loan book reduced significantly by 25% YoY to ₹20,162 crore
9MFY26 PAT stands at ₹957 crore, a sharp recovery from a loss of ₹2,132 crore in 9MFY25
Maintained healthy asset quality with GNPA at 1.2% and NNPA at 0.7% as of December 31, 2025
Consolidated Net Worth grew to ₹22,423 crore with a stable gearing ratio of 2.2x
👀 What to Watch
Investors should monitor the pending RBI approval for the preferential issue and the progress of the SFL merger. The successful reduction of the legacy book and growth in the asset-light co-lending model makes it a positive long-term turnaround story.
Sammaan Capital Q3 Net Profit Rises to ₹314 Cr; 9M Profit at ₹957 Cr vs Previous Year Loss
Sammaan Capital (formerly Indiabulls Housing Finance) reported a consolidated net profit of ₹314.08 crore for Q3 FY26, a 3.8% YoY growth. The total income for the quarter reached ₹2,157.87 crore, driven by net gains on fair value changes despite a dip in interest income. Most importantly, the company achieved a 9-month profit of ₹956.86 crore, marking a massive recovery from a loss of ₹2,131.51 crore in the previous year. The board also confirmed a demerger plan to integrate its subsidiary's NBFC business.
Key Highlights
Q3 FY26 Net Profit stood at ₹314.08 crore, up from ₹302.44 crore in Q3 FY25.
9M FY26 Net Profit of ₹956.86 crore represents a sharp turnaround from a ₹2,131.51 crore loss YoY.
Impairment costs for the 9-month period fell significantly to ₹669.86 crore from ₹4,779.64 crore.
Total 9M income rose to ₹6,827.82 crore from ₹6,550.80 crore in the previous year.
Board approved demerger of Sammaan Finserve Limited's NBFC business into the company.
👀 What to Watch
The sharp reduction in impairment charges and the return to profitability over the 9-month period are strong positive signals for long-term recovery. Investors should monitor the progress of the demerger and its impact on overall operational efficiency.
Sammaan Capital Open Offer Update: Corrigendum Issued for 26% Stake Acquisition
Avenir Investment RSC Ltd and IHC Capital Holding LLC have issued an addendum cum corrigendum to the Draft Letter of Offer for acquiring up to 34,17,54,286 equity shares of Sammaan Capital. This open offer represents 26% of the company's expanded voting share capital. The update follows the initial draft letter of offer submitted in October 2025 and was published in major newspapers on January 15-16, 2026. Citigroup Global Markets India Private Limited is acting as the manager for this transaction.
Key Highlights
Open offer to acquire up to 34,17,54,286 fully paid-up equity shares of INR 2 face value.
The acquisition target represents 26% of the Expanded Voting Share Capital of Sammaan Capital.
Acquirer is Avenir Investment RSC Ltd, with IHC Capital Holding LLC as the Person Acting in Concert (PAC).
Citigroup Global Markets India Private Limited is the designated manager for the open offer.
Corrigendum published in Financial Express, Jansatta, and Navshakti on January 15 and 16, 2026.
👀 What to Watch
Investors should track the final offer price and the timeline for the tendering period to evaluate the exit opportunity. The entry of Avenir Investment as a significant shareholder may impact the long-term strategic direction of the company.
Sammaan Capital Allots ₹115 Crore Secured NCDs with 9.05% Coupon
Sammaan Capital Limited, formerly Indiabulls Housing Finance, has successfully allotted 11,500 secured Non-Convertible Debentures (NCDs) totaling ₹115 crore on a private placement basis. These NCDs carry a fixed coupon rate of 9.05% per annum, with interest payable semi-annually. The instrument has a long-term tenor of 10 years, with maturity scheduled for January 16, 2036. This fundraise helps the company secure long-term capital for its lending operations and balance sheet management.
Key Highlights
Allotted 11,500 secured, rated, and listed NCDs aggregating to ₹115 crore.
Fixed coupon rate of 9.05% per annum with semi-annual interest payment frequency.
Long-term borrowing with a 10-year tenor maturing on January 16, 2036.
Secured by a first pari-passu charge on company assets with a 1.1x security cover.
👀 What to Watch
This is a routine fundraise for an NBFC; investors should monitor the company's ability to maintain healthy net interest margins against this 9.05% cost of debt.
Sammaan Capital Raises ₹115 Crore via 10-Year NCDs at 9.05% Coupon
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Non-Convertible Debentures (NCDs) worth ₹115 crore on a private placement basis. The 10-year instruments carry a fixed coupon rate of 9.05% per annum, with interest payable semi-annually. These NCDs are secured by a 1.1x asset cover on the company's loan assets and other financial/non-financial assets. This long-term debt issuance helps the company manage its maturity profile and secure stable funding for its lending operations.
Key Highlights
Allotted 11,500 secured, rated, and listed NCDs with a face value of ₹1,00,000 each.
Total issue size aggregates to ₹115 crore raised on a private placement basis.
Fixed coupon rate of 9.05% p.a. with a long-term tenor of 10 years maturing in January 2036.
Secured by a first pari-passu charge on financial and loan assets with a minimum 1.1x security cover.
Interest payments scheduled semi-annually starting July 16, 2026.
👀 What to Watch
Investors should note the company's ability to raise long-term 10-year debt, which reflects institutional confidence in its restructured identity. Monitor the company's overall cost of funds and asset-liability management in upcoming quarterly results.
Sammaan Capital Approves Demerger of SFL's NBFC Business to Facilitate ₹8,850 Cr IHC Investment
Sammaan Capital's board has approved the demerger of the NBFC business from its wholly-owned subsidiary, Sammaan Finserve Limited (SFL), into the parent company. This restructuring is a strategic move to comply with regulatory requirements for a $1 billion (₹8,850 crore) investment from IHC-owned Avenir Investment for a 41.2% controlling stake. SFL's NBFC division contributed ₹1,270.96 crore, or 14.7% of the consolidated turnover in FY25. Post-demerger, SFL will pivot to non-lending financial services and fintech, leveraging IHC's global expertise.
Key Highlights
Demerger of SFL's NBFC business into SCL; SFL contributed 14.7% (₹1,270.96 Cr) of FY25 consolidated turnover.
Restructuring facilitates a $1 billion (₹8,850 crore) investment by IHC for a 41.2% stake.
SFL scaled operations significantly from 32 to 107 branches and 1,016 employees prior to this move.
SFL to surrender NBFC license post-demerger to comply with 'one NBFC license per group' regulations.
No change in shareholding pattern as SFL is a 100% subsidiary; no new shares to be issued.
👀 What to Watch
Investors should monitor the progress of the IHC investment as this restructuring removes a key regulatory hurdle. The massive capital infusion is expected to significantly strengthen the balance sheet and support long-term growth.
Sammaan Capital Redeems ₹95 Crore NCDs and Pays ₹8.83 Crore Interest Timely
Sammaan Capital Limited has successfully completed the full redemption of its Non-Convertible Debentures (NCDs) totaling ₹95 crore. Along with the principal, the company paid interest amounting to ₹883.50 lacs for the yearly period. The payment was executed on December 29, 2025, which is one day prior to the scheduled due date of December 30, 2025. This timely debt servicing demonstrates the company's stable liquidity and adherence to financial commitments.
Key Highlights
Full redemption of NCDs (ISIN: INE148I07DN6) with an issue size of ₹95 crore
Payment of ₹883.50 lacs as interest for the yearly cycle
Payment completed on December 29, 2025, ahead of the December 30, 2025 deadline
Outstanding principal amount for this specific instrument reduced to zero
👀 What to Watch
This reinforces the company's credit reliability and liquidity management; investors should maintain a positive outlook on the company's debt-servicing capabilities.